CH. MUHAMMAD ASHRAF versus PUNJAB PRIVATIZATION BOARD
Contract Act 1872 Section 2 (b) and 188 Auction Auction Procedure The highest bid is the legal right, the realization of justification by the highest bid that was not accepted, any legal agreement to approve the auction. The right was not placed in favor of the highest bidder. The bid made at the time of the auction is in the nature of an offer that is not strictly binding on the contract unless its acceptance serves as the auctioneer's agent and if it has the option to accept the bid. So, the closing contract becomes bid either in word of mouth or in another way where the auctioneer does not have the authority to accept the bid, the contract only comes into existence. When the bid is accepted by the competent person.
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